The Enforcement Directorate (ED) has provisionally attached assets worth 757 crore belonging to Amway, and accused the country’s largest direct selling company of “running a pyramid fraud”.
The attached properties include land and factories of Amway in Tamil Nadu, plant and machineries, vehicles, bank accounts, and fixed deposits.
The agency claimed that a money-laundering probe by it “revealed that Amway is running a pyramid fraud in the guise of a direct selling multi-level marketing network”.
An Amway India spokesperson said the development is in connection with an investigation launched in 2011 and that the company has been cooperating with the authorities. “We will continue to cooperate with the relevant government authorities and the law officials towards a fair, legal, and logical conclusion of the outstanding issues.”